German economy contracts as export engine stutters

The German economy shrank in the second quarter, dragged down by a slump in exports, preliminary data showed on Wednesday, as manufacturers in Europe's largest economy are hit by weaker foreign demand and trade disputes.

Gross domestic product (GDP) fell 0.1% quarter-on-quarter after a confirmed growth rate of 0.4% in the first three months of the year, the Federal Statistics Office said.

The reading for the April-June period was in line with a Reuters poll of analysts.

The annual growth rate slowed to 0.4% in the second quarter from 0.7% in the previous quarter, calendar-adjusted data showed. This beat the analysts' poll of +0.1%.

As business reopenings picked up nationwide, Americans filed nearly 2 million applications for unemployment benefits last week, reflecting a slowing -- though far from a halt -- in job losses.
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